om/courses/15124/assignments/2060852 On January 1,.2017,Haley Company had a balance of $360,000 of goodwill n its balance sheet that resulted from the purchase of a small busines prior year. The goodwill had an indefinite life During 2017, the company had the following additional transactions Jan. 2 Purchased a patent (5-year life) $280,000 July 1 Acquired a 9-year franchise: expiration date July 1,202.026, $540,000 Sept. 1 Research and development costs $185,000 V Your answer is correct in the problem statement Credit ore No Entry" for the account titles and enterO for the amounts) epare the necessary entries to record the transactions related to intangibles ll costs incurred were for cash. Recond entries in the order displayed account titles are automatically indented when the amount is entered Do not indent manually no entry is requiredt, select Date Account Titles and Explanation Debit 121 Patents 7/117Franchine 9/3/17 Reseanch and Development Expense 8 eTextbook and Media List of Accounts Attem Make an entry as of December 31, 2017,recording any necessary automatically indented when the amounts) amortization. (Round answers to O declimal places,eg 125. Credit acco amount is entered, Do not indent manually. if no entry is required, select "No Entry' for the account titles and e Account Titles and Explanation Debit Credit Amortization Expense Attempts: 0 of 1 used Save for Later The parts of this question must be completed in order. This part will be available when you complete the part above 888 . 5 7 9 0